Fun

Russian State Duma Adopts Law Banning Payments With Digital Financial Assets

News Feed - 2022-07-07 11:07:35

Russian State Duma Adopts Law Banning Payments With Digital Financial Assets


The lower house of Russian parliament has adopted a law prohibiting the use of digital financial assets in payments. To implement the restriction, exchange operators have been obliged to reject transactions which make it possible to employ these assets as a means of payment. Russian Parliament Approves Legislation Preventing Digital Financial Asset Payments


The majority in the State Duma, the lower house of Russia’s Federal Assembly, has supported the adoption of a bill banning payments for goods and services using digital financial assets (DFAs) within the Russian Federation.


Under current Russian legislation, DFAs is the only legal term that can apply to cryptocurrencies, until lawmakers review and adopt the dedicated draft law “On Digital Currency,” designed to more comprehensively regulate the crypto space. The ban also affects utilitarian digital rights, or tokens.


The measure will be implemented by obliging platform operators, such as exchanges, to refuse to process DFA transactions facilitating digital asset payments. Token issuers and investment platform operators should also make it impossible for their clients to change records of DFAs when making transactions with them, Forklog reported, quoting the document.


However, the restrictions may not apply to some payments with utility tokens that are regulated by other federal laws, or if certain transactions are envisaged in the original agreement for the acquisition of the respective digital right, the report notes.


The new legislation also classifies DFA platform operators as subjects of Russia’s national payment system. That means they must be added to a special register maintained by the Central Bank of Russia (CBR).


While opinions on how to treat cryptocurrencies vary among institutions in Moscow, there is a general consensus that the ruble, and its digital incarnation, should remain the only legal tender in the Russian Federation. However, the Bank of Russia has recently signaled it could back the legalization of crypto payments for international settlements.


Officials hope that the newly adopted law, which was submitted to the Duma in mid-June, will eliminate the risks of using DFAs as “money surrogates.” Another piece of legislation, that’s still under review, aims to introduce administrative liability for the illegal issuance and exchange of digital financial assets. Tags in this story ban, bill, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, DFAs, Digital Assets, digital financial assets, draft law, Law, Legislation, lower house, parliament, Payments, prohibition, restrictions, Russia, russian, State Duma


Do you expect Russian lawmakers to adopt more restrictions for digital financial assets? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks REGULATION | 18 hours ago Singapore Considers Imposing New Restrictions on Crypto Trading REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrema Finance Hacker Negotiates With Defi Project’s Team, Returns $8 Million in ETH and SOL Next articleSatoshi Nakamoto Dropped From the World’s 20th Richest Billionaire to the 79th in 8 Months Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Localcryptos P2P Market Adds Support for Bitcoin Cash
Localcryptos P2P Market Adds Support for Bitcoin Cash Localcryptos, the noncustodial P2P cryptocurrency market, has added bitcoin cash to its platform. This is the fifth cryptocurr
Analyst Says “The Clock Is Ticking” For XRP — Here’s Why
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
David Attlee4 hours agoThe end of an era for Binance, troubles for Kraken: Law DecodedBinance and CZ’s ongoing legal drama with United States law enforcement ended with a plea deal.1267 Total views14 Total sharesListen
Marathon Digital stamps ‘Made in USA’ on Bitcoin blocks mined
Ezra Reguerra7 minutes agoMarathon Digital stamps ‘Made in USA’ on Bitcoin blocks minedThe stunt follows presidential candidate Donald Trump’s statement that he wants all the remaining Bitcoin to be “Made in the
Call Of Duty: Modern Warfare Beta Is Out and Gamers are Ranting About a Ton of Problems
Gamers are losing their minds over technical glitches associated with the new Call of Duty beta. | Image: ShutterstockActivision finally dropped the highly-anticipated Call of Duty:
Botswana Does Not Have Regulatory Framework for Crypto — Central Bank
Botswana Does Not Have Regulatory Framework for Crypto — Central Bank The Bank of Botswana (BOB) has said the country does not have a specific legal or regulatory framework perta
Economist Warns the Fed Can’t Reach Inflation Target Without ‘Crushing’ US Economy
Economist Warns the Fed Can"t Reach Inflation Target Without "Crushing" US Economy Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Ma
Trader turns $1K into $750K trading Tron memecoin SunWukong
Tom Mitchelhill5 hours agoTrader turns $1K into $750K trading Tron memecoin SunWukongThe anonymous trader’s Sun Wukong holdings surged to $750,000 at its peak, but he hasn’t sold a single token yet. 2079 Total views
Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge
Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge United Arab Emirates (UAE)’s Ministry of Economy has joined hands with the Ara
Dogecoin Bollinger Squeeze Signals ‘Huge Move’ Ahead, Analyst Warns
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Legendary Rocker Ozzy Osbourne’s Ozzfest Festival Is Coming to the Metaverse
Legendary Rocker Ozzy Osbourne"s Ozzfest Festival Is Coming to the Metaverse Following the drop of Ozzy Osbourne’s Cryptobatz non-fungible token (NFT) collection that consists of
Worldcoin launches its own ‘human-centric’ blockchain network
Savannah Fortis9 hours agoWorldcoin launches its own ‘human-centric’ blockchain networkWorldcoin introduces World Chain, a new blockchain initiative designed to prioritize human users, enhance efficiency and foster r